So. A series of cyclical questions. Answers, please.
Can I file a 501(c)(3) without a board of directors?
Do I need a board to approve the application?
How can I pitch to a board without a space in mind?
How can I get a space without money?
How can I get a loan (correctly) without a 501(c)(3)?
What questions can I ask professionals without paying a consultation fee?
How can I build a business and development plan without employees?
How can I have employees without a 501(c)(3)?
How can I file a 501(c)(3) with just me and my idea?
How can my idea go anywhere without money and space and help?
What comes first?
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Having listened all my life to an entrepreneur trying to teach me how to become an entrepreneur, I will relay what little wisdom I have gleaned. Likely you already understand these points.
ReplyDeleteYour biggest and most unavoidable overhead in this case is the space. The space is your key asset; the development work you are looking to do requires it. Normally people use their savings to acquire the space. You max out some credit cards and hope to God your revenue model works. Expect to be in debt for the first 6 months and expect to be stressed about it. Being a non-profit theatre arts organization in Boston may provide you with a small cushion; you may be able to get support from local businesses that could ease the cost of your space. (Maybe you need to promise some solid sponsor recognition; like keeping sponsor banners in your space and giving them free ads in whatever materials you produce?)
Still, in the end, you're going to have to take on the brunt of this cost yourself. That means your primary concern—the place you must start—is your business model. "How do I make money?" is your chief concern, aside, of course, from the all-important spiritually charged mission statement that represents the reason you started this in the first place and which justifies your status as a non-profit. :) But even as a non-profit, the business model is key. Even with restrictions, you must know how you will sustain yourself as an entity; you must know which risks you are banking on. Are you donor support? Or do you charge a fee to groups you work with in exchange for some sort of expertise? Do you take a cut of ticket sales for events in the space? How do you pay off that overhead?
So first, I'd
1) figure out a business model.
2) become a 501(c)(3)—don't worry about this, this is the easiest thing you have to do.
3) make the decision to risk your money.
4) if you decided to risk your money...
a) begin the search for sponsors.
b) work with a financial advisor at a bank to figure out what you can swing.
Hope this helps create brain sparks at the very least.
Oh... and the last and perhaps most important thing I learned from my entrepreneurial mentor: Some people will tell you that this endeavor is bound to fail. They will tell you this constructively and based on very sound reasoning. Listen carefully; add their comments to your personal knowledge; then keep going with your idea. :)